Doubt we see that again as those countries are not committed to a dollar peg as they were in the 1990’s. However, if the aggressive currency policy of Japan’s new government results in continued repricing of the yen, which we expect, economic tensions will only increase.

Still, even after a 30 percent apprecitation since early June, the Won/Yen cross remains well below 10.8, the 5-year high made in August 2008.